ACC, Ambuja Cements shares rally after Holcim India deal
The stock of ACC jumped 3.70 per cent to settle at Rs 2,192 on the BSE. During the day, it rallied 7.79 per cent to Rs 2,288.15.
Published: 16th May 2022 05:36 PM | Last Updated: 16th May 2022 05:36 PM | A+A A-
Gautam Adani's group on Sunday said it has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion. (Photo | Twitter/ @gautam_adani)
NEW DELHI: Shares of ACC and Ambuja Cements were in huge demand on Monday after Gautam Adani's group clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion.
The stock of ACC jumped 3.70 per cent to settle at Rs 2,192 on the BSE. During the day, it rallied 7.79 per cent to Rs 2,288.15.
Shares of Ambuja Cements ended at Rs 368.10, a jump of 2.59 per cent.
During the day, it gained 5.21 per cent to Rs 377.50.
Gautam Adani's group on Sunday said it has clinched a deal to acquire a controlling stake in Holcim Ltd's businesses in India for USD 10.5 billion, marking the ports-to-energy conglomerate's entry into the cement sector.
The Adani Group will acquire 63.1 per cent of Ambuja Cements Ltd along with related assets. Ambuja's local subsidiaries include ACC Ltd, which is also publicly traded.
"The Adani Family, through an offshore special purpose vehicle, announced that it had entered into definitive agreements for the acquisition of Switzerland-based Holcim Ltd's entire stake in two of India's leading cement companies - Ambuja Cements Ltd and ACC Ltd," the group said in a statement.
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
"The value for the Holcim stake and open offer consideration for Ambuja Cements and ACC is USD 10.5 billion, which makes this the largest-ever acquisition by Adani, and India's largest-ever M&A transaction in the infrastructure and materials space," the statement said.
